MakeMyTrip Limited (NASDAQ: MMYT)Investor PresentationMarch 2020

2

Safe Harbor

Certain statements contained in this presentation are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations or forecasts of future events and our future performance and do not relate directly to historical or current events or our historical or current performance and are subject to risks and uncertainties, some of which are outside of our control, that could cause actual outcomes and results to differ materially from historical results or current expectations. Most of these statements contain words that identify them as forward looking, such as “anticipate”, “estimate”, “expect”, “project”, “intend”, “plan”, “believe”, “seek”, “will”, “may”, “should”, “opportunity”, “target” or other words that relate to future events, as opposed to past or current events. Among the factors that could cause actual results to differ materially include, but are not limited to, the slowdown of economic growth in India and the global economic downturn, general declines or disruptions in the travel industry, the inability to successfully integrate the businesses of MMYT and ibibo Group within the anticipated timeframe or at all, the risk that the acquisition will disrupt current plans and operations, increase in operating costs and potential difficulties in customer or supplier loss and employee retention as a result of the acquisition, the inability to recognize the anticipated benefits of the combination of MMYT and ibibo Group, including the realization of revenue and cost synergy benefits within the anticipated timeframe or at all, volatility in the trading price of MMYT’s shares, MMYT’s reliance on its relationships with travel suppliers and strategic alliances, failure to further increase MMYT’s brand recognition to obtain new business partners and consumers, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in India and overseas, failure to successfully develop MMYT’s corporate travel business, damage to or failure of MMYT’s infrastructure and technology, loss of services of MMYT’s key executives, and inflation in India and in other countries. In addition to the foregoing factors, a description of certain other risks and uncertainties which may cause actual results to differ materially can be found in the “Risk Factors” section of MMYT's 20-F dated July 23, 2019 filed with the U.S. Securities Exchange Commission (“SEC”), copies of which are available from the SEC, our website or our Investor Relations department.

We cannot assure you that the assumptions made in preparing any of the forward-looking statements will prove accurate or that any projections will be realized. We expect that there will be differences between projected and actual results. These forward-looking statements speak only as of the date of this presentation, and we do not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. You are cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements attributable to us are expressly qualified in their entirety by the cautionary statements contained herein and in our future annual and quarterly reports as filed with the SEC.

3

Non-IFRS Metrics & Note on Unaudited Financials

The following non-IFRS metrics will be used in this presentation:

Gross Bookings represents total amount paid by our customers for travel services and products booked through us, including taxes, fees, and other charges, and are net of cancellations, discounts and refunds, but does not include other revenues that are generated from 3rd party advertisement on our website, commissions and fees earned from the sale of rail tickets and fees earned by facilitating travel insurance policies to customers.

Adjusted Revenue represents IFRS revenue after adding back promotion expenses in the nature of customer discounts, customer inducement or acquisition costs and loyalty programs costs which are reported as a reduction of revenue, and deducting the cost of acquisition of services primarily relating to sales to customers where the company acts as the principal. We believe that Adjusted Revenue reflects the value addition of the travel services that we provides to our customers.

Adjusted Revenue Margins is defined as Adjusted Revenue as a percentage of Gross Bookings, and represents commissions, fees, incentive payments and other amounts earned in our business. We follow adjusted net revenue margin trends closely across our various lines of business to gain insight into the profitability of our various businesses.

Flight Segment is defined as a flight between two cities, whether or not such flight is part of a larger or longer itinerary.

Room Nights, also referred to as a “hotel-room nights,” is the total number of hotel rooms occupied by a customer or group,multiplied by the number of nights that such customer or group occupies those rooms.

Constant Currency refers to our financial results assuming constant foreign exchange rates for the current fiscal period based on the reporting for the historical average rate used in the prior year’s comparable fiscal period.

Fiscal Year End – March 31st

4

Key Investment Highlights

Market Leader with Multiple Well Recognized Online Travel Brands

Culture of Continuous Product Innovations Supported by Robust Tech Platforms to Drive Scalability

6

1

2

3

4

5

Super App – One Stop for End to End Booking Travel Services

Strong Partnership with Fragmented Accommodations Supply Ecosystem

Demonstrated Operating Leverage with Scale in Multiple Travel Segments

Experienced Management Team with Deep Knowledge of Local Travel Landscape7

High Growth & Share Gains in Underpenetrated Travel Segments

5

Large Economy with Reaccelerating Growth Forcasted1

Source: 1IMF World Economic Outlook, Real GDP Growth 2CIA World Fact book 2020 estimates;

China Internet Network Information Center (CNNIC), McKinsey Global Institute Digital India

44%

31%

29%

50%

52%

59%

6%

17%

12%

Age 0–24 Age 25–64 Age 65+

Largest Young Population(2020)2

2023E2018

224

817

478

700

US China India India

2nd Largest Base of Smartphone Users (in millions)

96%

60%

44%

60%

US China India India

2023E2018

Growth Driven by Low Internet Penetration

312

829

560

800

US China India India

2023E2018

2nd Largest Base of Internet Users (in millions)

Long Term Macro Growth Drivers Available

2019 2020 2021

4.8% 5.8% 6.5%

6.1% 6.0% 5.8%

2.3% 2.0% 1.7%

6

Large Growth Opportunities Ahead

Air$17

Hotels$11

Outbound$6

Bus$8

Rail$7

India Travel Market FY2019

Air$30

Hotels$21

Outbound $12

Bus$12

Rail$9

India Travel Market FY2025

FY2019: $49 Billion FY2025: $84 Billion

Air 10%

Hotels 12%

Outbound 11%

Bus 8%

Rail 4%

Total 10%

FY19 – FY25 CAGR

Source: Goldman Sachs Research Estimates

(In $ billions of Bookings) (In $ billions of Bookings)

7

Market Leader with Superior Domestic Brand Awareness

Source: January2020 KANTAR Brand Health Report commissioned by CompanyRedbus data from 14th Wave of the Brand Track for India conducted by Nepa

51

17

69

6 2 2

0

20

40

60

80

100

MakeMyTrip gobibo redBus Yatra Cleatrip Others

Top Of Mind Awareness

51

19

87

5 5 5

0

20

40

60

80

100

MakeMyTrip gobibo redBus Yatra Cleatrip Others

Consideration Top Box Score

Competitors

8

Super App of Travel with Multiple Brands - Catering to All Travelers

+46 Million Transacted Customers (Life to Date)

• Air Ticketing – Domestic & International

• Hotel Bookings – Domestic & International

• Alternative Accommodations

• Holiday Packages – Domestic & Outbound

• Bus Ticketing – B2C & Supplier Backend Solutions

• Intercity Cabs

• Rail Ticketing

• Attractions & Activities Bookings

• Informational Services – Flights & Rail

• Payment Options & Flexibility

9

Travel Market with Long Term Growth Potential in Underpenetrated Segments

Leading Domestic & International Online Market Share

3rd Largest Aviation Market by 2022 with Liberal Open Sky

Policy

Strong Pent Up Demand for Air Travel

Domestic Fleet Size to Double to 1,200 planes

in next 4 to 5 years

UDAN Program to Drive Greater Domestic Connectivity

200 operational airports by 2024

(70 airports International ready) – Aviation Ministry Sept 2019

Online Flight Ticketing Online Hotel Booking

Highly Fragmented Supply Landscape

Overall Market Size Widens with Alternative

Accommodations

Currently Offer 72K Domestic Properties

(Including 19K Alternative Accommodations)

Estimated Domestic Supply of 2 Million Rooms &

Growing

Increasing Supply in Budget Segment via Alternative

Accommodations

Tech Enabled Solutions for Partners to Create Value

32.233.8 34.7 34.3

36.2 35.5 35.2 35.2

38.3

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

OND2017

JFM2018

AMJ2018

JAS2018

OND2018

JFM2019

AMJ2019

JAS2019

OND2019

Mill

ions o

f D

om

estic P

assengers

Flo

wn

Source: DGCA.nic.in

YoY

Growth % 12%18% 24%

India China EU US

10% - 15% 25% - 30% 41% 46%

Source: Morgan Stanley India Internet: Chart of the Week: Online penetration of

hotel bookings is low and has room to grow

20% 19%

Source: Vision 2040 for the Civil Aviation Industry in India – KPMG Jan 2019

5% 2% 3% 6%

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Full Range of Accommodations Offered in Underpenetrated Market

Premium (5 & 4 stars)

Positioning MakeMyTrip

as premium brand

Leveraging loyalty

programs

to drive retention

Targeting high spending

& repeat customers

Delivering superior

end-to-end user experience

Mid Tier (3 & 2 stars)

Expanding selection &

choice

Enhancing service

guarantee to users

Offering accredited hotels

to deliver consistent

stay experience

Supporting customers

post sales & on trip

Budget

Budget Certification

Program

Good Ratings & Standard

Amenities

Consistency across

fragmented supply

10,000+ goStays

available

Unit Economics Positive Across Entire Range of Accommodations Sold

All Tiers Growing Positively in Room Nights Stayed

11

• Alternative to traditional hotel

experience

• Supported by Customer

Service Pledge & Guarantee

• Broadens Customer Reach

• Marketing via Traditional &

Social Media Channels

• Partnering with State tourism

boards to promote local &

community based travel

• Increasing supply with

+19,000 properties bookable in

India

Focusing on Alternative Accommodations Growth

12

redBus – Leading Intercity Bus Ticketing Brand

- Comprehensive

selection & choice of

intercity bus operators

(public & private)

- Leading bus ticketing

brand with superior

customer experience

- Supplier platform for bus

operators to quickly

transition online for

inventory & distribution

management

- High operator

fragmentation & low

online booking

penetration offers growth

opportunities

- Model highly scalable

beyond India – operating

in LATAM & Southeast

Asia

13

Activities & Experiences - Greater Brand Stickiness & Increased Platform Usage

• +33k Activities &

Experiences Available

(Domestic & International)

• Driving Greater App

Usage Frequency

• Integrated with

Archaeological Survey of

India (ASI) – entry tickets

to all monuments across

India

• Acquisition of New Users

to Overall Platform

14

Mobile Centric Approach Driving High Direct & Repeat Traffic

Mobile Air

Ticketing

63%

Mobile Bus

Ticketing

77%

Mobile Hotel

Booking

78%

*9 months FY2020 mobile transactions as % of total

Tapping into next

100 million

new Internet

users via Train

Mobile Train

Ticketing

90%

New Digital Payments Platform to

Drive Greater Adoption of e-Commerce

15

Innovative & Effective Loyalty Programs Helping Drive Greater Customer Retention

MMTBLACK

Earn Wallet+ Cash by Spending

Wide Range of Redemption Options

+1.1 Million Enrollees

MMTDOUBLEBLACK

Annual Subscription Model

Value for Frequent Travelers

+139 K Enrollees to date

Redesigned goRewards

UGC reviews & content

Enhanced Platform Credibility & Utility

+2.3 Mln High Tiered Users

16

Gaining Greater Corporate Travel Wallet Share

Small & Medium Enterprise

Self Service Solution (myBiz)

Managed Corporate Travel

Enterprise System (Quest2Travel)

Online & Automation Focused Solutions to Address

Large Corporate Travel Market

17

Robust & Innovative Technology Platform to Drive Super App Vision

Travel Super App

Universal Search

Faster Product Discovery

Better User Engagement

Big Data & AI Driven

Cross Sell Experience

Relevant Persuasions

Personalized

Recommendations

Trip Ideas

Destination Discovery &

Inspiration

Destination Planning

Linked to Booking

Enhanced

Discoverability

Contextualized Prompts

Area Guides to Build

Trust

Granular Travel Themes

18

Corporate Social Responsibility

Ecological Balance

Invest resources and create awareness to support sustainable

& responsible tourism in India

• Boost cleanliness and sanitation in

popular tourism spots – Zero Waste

Destinations

• Partnership with World Wide Fund India

to establish homestays & eco cafes to

provide economic opportunities

• Campaign for responsible tourism with

stakeholders

• Be part of solution to fight drastic

climate change & global warming

• Dense Afforestation using the

Miyawaki Technique of Plantation

with 1 million trees planted in Ladakh

• Partnership with Andaman Islands

Government to make island single use

plastic free

• Single Use Plastics Free office

Responsible Tourism Restoration & Development

• Adoption of UNESCO Heritage sites

across India

• Aid in Restoration of Important sites to

generate interest in local history and

drive tourism

• History of providing Aid in Times of

Natural Calamities

19

Experienced Founding & Management Team Driving Execution

Deep Kalra Founder & Group Executive Chairman

- Started MakeMyTrip in 2000

- Group Chairman

- 27+ Years of Experience

- Prior Experience: GE Capital India, AMF Bowing Inc. & ABN AMRO Bank

- Board member & past President of The IndUSEntrepreneurs (TIE) New Delhi chapter

- Founding member of Ashoka University & serves on the Board & Governing Council

- Bachelor’s degree in Economics –St. Stephen’s College

- MBA IIM Ahmedabad, India

Rajesh MagowCo-Founder & Group CEO

- Senior founding team member

- Member of the Board of Directors

- Previously Group CFO and Chief Operating Officer

- 26+ Years of Experience

- Prior Experience: eBookers.com, AptechLimited & Voltas Limited

- Independent Director of FlipKart Board

- Chartered Accountant from Institute of Chartered Accountants of India

Mohit KabraGroup Chief Financial Officer

- 25+ Years of Experience

- Prior Experience: Kohler India, PepsiCo, Colgate & Seagram

- Bachelor of Commerce – Osmania University

- Chartered Accountant from Institute of Chartered Accountants of India

- Cost Accountant from Institute of Cost Accountants of India

20

Financial Overview

Results presented include the consolidation of ibibo group from

February 1, 2017 onwards, unless otherwise noted

21

Leading OTA in India with Considerable Business Scale (FY2019)

Source: Company data, Fiscal Year 2019Note: yoy growth rates in constant currency where applicable

22

9 Months YTD Fiscal Year 2020 Financial Summary

Source: Company data for the 9 months ended December 31, 2019Note: yoy growth rates in constant currency where applicable

23

Demonstrated Ability to Drive Operating Cost Efficiencies in Fiscal Year 2020

($ in millions) Q1 FY20 Q2 FY20 Q3 FY20

Total Gross Bookings* +24% +20% +19%

Adjusted Revenue* +21% +13% +13%

Air Ticketing +24% +17% +15%

Hotels and Packages +12% +2% +10%

Bus Ticketing +37% +38% +36%

(*Growth rates in constant currency year over year basis)

Total Adjusted Revenue as % of

Total Gross Bookings11.7% 12.1% 12.2 %

Marketing & Sales Promotion Expenses

As % of Total Gross Bookings9.5% 9.0% 8.9%

Adjusted Operating (Losses) ($29.2) ($19.3)1 ($11.0)

As % of Total Gross Bookings (1.7%) (1.3%) (0.6%)

Source: Company data, SEC 6-K FilingsTotal Gross Bookings includes Bus Ticketing bookings, Marketing & Sales Promotion Expenses includes adjustments for promotions netted against adjusted revenue and loyalty program costs1 Includes one-time accelerated personnel cost of $2.5 million

Focused on Growth, Share Gains & Improved Operating Efficiencies

during Challenging Macro & Industry Operating Conditions

24

12.6% 13.2%15.3%

18.8%

22.6% 23.2%22.5%

0%

5%

10%

15%

20%

25%

FY14 FY15 FY16 FY17 FY18 FY19 YTD FY20

6.6%6.1% 6.0%

7.7% 7.5% 7.3% 7.0%

0%

2%

4%

6%

8%

10%

FY14 FY15 FY16 FY17 FY18 FY19 YTD FY20

Improving Mix and Margins with Strategic Focus on Hotels and Packages

Air Ticketing Adjusted Revenue Margin

Hotels and Packages Adjusted Revenue Margin

Diversified sources of Adjusted Revenue

• Commissions and volume incentives from airlines

• Convenience & Service fees from customers

• Fees from GDS partner

Multiple Sources of Adjusted Revenue

• Mark up on Net Rates

• Commissions & volume incentives from hoteliers

Total Adjusted Revenue as % of Total Gross Bookings1

8.1% 8.1%8.8%

11.3%

12.6% 12.4%12.0%

0%

2%

4%

6%

8%

10%

12%

14%

FY14 FY15 FY16 FY17 FY18 FY19 YTD FY20

Note 1: FY18 & onwards calculations includes Bus Ticketing bookings

prior periods only included air ticketing & hotels & packages gross bookings

Targeting Improved Total Adjusted

Revenue as % of

Total Gross Bookings

Driven by Higher Mix of H&P

25

3.6% 3.1%2.1% 1.9% 2.0% 2.0% 2.1% 1.9% 1.9% 2.1% 1.5% 1.4% 1.4%

1.4% 1.5%1.3% 1.3% 1.3% 1.3% 1.4% 1.4% 1.4% 1.3%

1.1% 1.0% 1.0%

3.4%2.9%

2.6% 2.5% 2.5% 2.7% 2.7% 2.2% 2.3% 2.1%1.5% 1.4% 1.4%

5.4%

3.7%

2.1%1.7% 1.7% 1.7% 2.2%

2.6%

5.9%

13.7%

11.5%10.2%

9.1%

0.5%

0.5%

0.3%0.3% 0.3% 0.3%

0.3% 0.4%

0.4%

0.4%

0.3%

0.2%

0.3%

0%

5%

10%

15%

20%

25%

FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 (PF) FY18 FY19 YTD FY20

Personnel Expenses Payment Gateway SGA Marketing & Sales Promotion Depreciation & Amortization

11.9%

19.6%

8.7%

16.0%

8.5%8.0%7.8%

7.6%8.5%

14.3%

11.8%

14.2%13.2%

Playbook of Driving Scale & Efficiencies - Started with Air & Holidays, Now Focusing on Hotels%

of

Gro

ss B

oo

kin

gs

45%H&P Adj. Rev Mix51% 54% 54%38%31%21%78%77%75%

Air Adj. Rev Mix Transitioning from Air to Hotels

Blended Adj. Rev Margin 8.5% 8.4% 7.9% 8.5% 7.2% 8.1% 8.1% 8.8% 12.2% 12.6%

Marketing & Sales Promo as % of Adj. Rev

44.6% 24.0% 20.4% 19.3% 22.3% 26.2% 30.6% 64.4% 100.7% 91.8%

Note:

Proforma FY17 basis Management estimates

Personnel Expenses excluded share based compensation charges and severance cost related to a prior acquisition

Depreciation and amortization excluded acquisition related intangibles amortization and impairment of intangible assets

SGA excluded Merger and acquisitions related expenses

Marketing & Sales Promotion Include adjustments for promotions netted against adjusted revenue and loyalty program

costs

85%

7.3%

74.0%

52%

12.4%

82.1%

50%

12.0%

76.1%